Climbing the Wall of Worry: A Visual History of Market Resilience Amid Global Crises 

Climbing the Wall of Worry: A Visual History of Market Resilience Amid Global Crises 

From wars and financial collapses to pandemics and political upheaval, the global equity market has weathered a relentless cascade of negative world events over the past three decades. The image titled “Wall of Worry: A Timeline of Negative World Events” offers a striking visual narrative, showing that despite periods of severe uncertainty, markets have persistently trended upward. 

Beginning in 1995, the chart traces the MSCI World Index’s performance against a backdrop of crises, each categorized by type—from economic breakdowns like the 1997 Asian Financial Crisis and the 2008 Global Financial Crisis to environmental disasters such as the Deepwater Horizon Oil Spill. Political and geopolitical shocks—like the 9/11 attacks, the Brexit referendum, and the war in Ukraine—are also plotted, each event triggering concern but not derailing long-term growth. 

This phenomenon illustrates a well-known investment metaphor: the “wall of worry.” Coined to describe how markets often rise even when investors are consumed by pessimism, the term emphasizes the market’s ability to “climb” through adversity. As Investopedia explains, this trend reflects how equity prices can move higher even as negative headlines dominate the news cycle, a counterintuitive yet persistent reality in financial history (Investopedia, n.d.). 

What the chart underscores is not the irrelevance of global turmoil—each of these events had real and devastating impacts—but rather the resilience embedded within diversified global markets. Despite substantial short-term declines following incidents such as the dot-com crash or the 2020 COVID-19 outbreak, the long-term trajectory has remained overwhelmingly positive. A single dollar invested in world equities in September 1994 would have grown to $5.69 by August 2024, reflecting a 6.0% average annual return, or 7.8% with dividends reinvested, according to MSCI and Ninety One Asset Management. 

Interestingly, as highlighted in a recent piece by PSG Wealth, volatility in financial markets is often exacerbated by unpredictable variables like tariffs and policy shifts, which add to the modern wall of worry investors must contend with (Moneyweb, 2024). The chart reflects these realities, incorporating recent concerns such as US banking crises, Red Sea conflicts, and even the collapse of major trade routes and infrastructure. 

Ultimately, the timeline serves as both a sobering and empowering reminder: while negative events are an inevitable part of the human and financial landscape, they rarely spell the end of market progress. Instead, history suggests they are part of the journey—a jagged but resolute path upward. 

References 
Investopedia. (n.d.). Wall of Worry. Retrieved April 30, 2025, from https://www.investopedia.com/terms/w/wallofworry.asp 
Moneyweb. (2024, April 17). How tariffs are driving market volatility. PSG Wealth. https://www.moneyweb.co.za/in-depth/psg-wealth/how-tariffs-are-driving-market-volatility/